Mitsubishi UFJ Financial Group (NYSE:MUFG) Shares Gap Up - Here's Why

Key Points

• Mitsubishi UFJ Financial Group's shares opened at $16.11 after a prior close of $15.34, with recent trading showing a last price of $15.99 and a volume of 514,729 shares.
• Wall Street analysts have upgraded the stock from a "sell" rating to a "hold" rating, reflecting growing confidence in the company's performance.
• The company reported earnings of $0.32 per share, exceeding estimates of $0.29, with revenues reaching $22.10 billion compared to the estimated $9.86 billion.

Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $15.34, but opened at $16.11. Mitsubishi UFJ Financial Group shares last traded at $15.99, with a volume of 514,729 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Mitsubishi UFJ Financial Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th.

Mitsubishi UFJ Financial Group Stock Down 2.3%

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.86. The stock's 50-day moving average price is $13.96 and its 200-day moving average price is $13.28. The stock has a market cap of $184.45 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.56 and a beta of 0.42.

Mitsubishi UFJ Financial Group (NYSE:MUFG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.03. Mitsubishi UFJ Financial Group had a net margin of 13.95% and a return on equity of 9.35%. The company had revenue of $22.10 billion during the quarter, compared to analyst estimates of $9.86 billion. On average, sell-side analysts expect that Mitsubishi UFJ Financial Group, Inc. will post 0.99 earnings per share for the current year.

Hedge Funds Weigh In On Mitsubishi UFJ Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fisher Asset Management LLC grew its stake in shares of Mitsubishi UFJ Financial Group by 17.4% during the 2nd quarter. Fisher Asset Management LLC now owns 89,513,174 shares of the company's stock valued at $1,228,121,000 after purchasing an additional 13,275,383 shares during the period. Northern Trust Corp raised its holdings in Mitsubishi UFJ Financial Group by 46.6% during the 4th quarter. Northern Trust Corp now owns 10,522,079 shares of the company's stock valued at $123,319,000 after buying an additional 3,342,330 shares during the period. Royal Bank of Canada increased its stake in Mitsubishi UFJ Financial Group by 40.4% in the fourth quarter. Royal Bank of Canada now owns 6,021,271 shares of the company's stock worth $70,570,000 after purchasing an additional 1,731,873 shares during the period. Artemis Investment Management LLP increased its stake in shares of Mitsubishi UFJ Financial Group by 175.6% during the first quarter. Artemis Investment Management LLP now owns 2,558,102 shares of the company's stock valued at $34,867,000 after buying an additional 1,629,765 shares during the period. Finally, National Bank of Canada FI purchased a new position in shares of Mitsubishi UFJ Financial Group during the first quarter valued at $12,534,000. Hedge funds and other institutional investors own 13.59% of the company's stock.

About Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group, Inc operates as the bank holding company, that engages in a range of financial businesses in Japan, the United States, Europe, Asia/Oceania, and internationally. It operates through seven segments: Digital Service, Retail & Commercial Banking, Japanese Corporate & Investment Banking, Global Commercial Banking, Asset Management & Investor Services, Global Corporate & Investment Banking, and Global Markets.